SINGAPORE, 20 October 2021 – PropNex, the exclusive marketing agent representing the owners of Lakepoint Condominium via their collective sale committee, is pleased to announce the launch of the collective sale of Lakepoint Condominium. The 99 years leasehold residential redevelopment site will be launched via public tender on 21st October 2021, with a reserve price of S$640 million. The reserve price translates to an estimated land rate of S$959 per square foot per plot ratio (psf ppr) after factoring the development charges and lease top-up premium from JTC, which is priced in accordance to market land rates today.
Lakepoint Condominium sits on a sprawling plot of leasehold land, spanning 562,286 sq ft. Based on the 2019 Masterplan, the site has a plot ratio of 1.4, zoned for residential use. It has the potential to be redeveloped into 860 new condominium units, averaging 915 sq ft each, subject to the planning authority’s approval.
The successful tenderer will have the opportunity to redevelop a rare site near the Jurong Lake district and Jurong Innovation District, which will garner interest of residents staying in Jurong or buyers who are looking for a potential new home in Jurong. According to Tracy Goh, Head of Investment and Collective Sales at PropNex, “This rare site should appeal greatly to developers who prefer to have more certainty to the potential buying interest and demand in the immediate vicinity. There is little or almost no fresh supply of residential development land in the area.”
The Lakepoint site will stand to benefit from its strategic position along the fringe of the Jurong Lake District (JLD). The JLD has been envisioned to be the 2nd CBD and a major hub for infrastructure development and maritime services sector, given its proximity to the new mega port at Tuas and the surrounding industrial and logistics clusters. The hub is also located near a number of high-value industries and two world-class local universities.
Ms Goh added, “We believe that as the JLD continues to take form, more firms and investors will relocate to the area, creating a surge in job creation. This site is well-positioned to enjoy the upside in capital appreciation and rental yields from the transformative efforts in the area.”
The Lakepoint site is well-served by public transport, being within walking distance to the Lakeside MRT station and has easy access to main roads and expressways, including the Pan Island Expressway (PIE) and Ayer Rajar Expressway (AYE). Amenities wise, just two MRT stops away are the cluster of malls at Jurong East, namely, JCube, JEM, Westgate, IMM; Jurong Point Mall at Boon Lay which is just one train stop away. For daily necessities, Boon Lay Place Market and Taman Jurong Market are just a 10 minutes’ walk away.
Lakepoint Condominium is also situated near Jurong Lake Gardens, Singapore’s third and newest national garden. The 90-hectare Gardens comprises of the Lakeside Garden, Chinese and Japanese Gardens as well as the Jurong Lake, the iconic natural waterbody of Jurong. Well-loved by residents in the area who visit the park for exercise or recreational activities while enjoying scenic views of the lake.
Families with young children will have endless family-friendly options for entertainment – from recreational activities at Jurong Lake Gardens, exhibits at the Singapore Science Centre to the array of leisure attractions at the Jurong Gateway Malls.
A number of popular schools are located within a 1km radius of the site, that includes River Valley High School, Rulang Primary School and ShuQun Primary School. Expats with children attending the nearby Canadian International School – located just 3 bus stops away – will be drawn to the site as well.
The tender exercise will close on 22 December 2021 at 2pm.
October 21, 2021